Call it what you will - bottom fishing, reaction to over selling or even a rally based on higher than expected profits - but the large cap. ASX resource sector is back with a bang.
Highlighting the popularity of the sector, 18 of the top 20 by market capitalisation finished the day in the green.
The standout performer was mineral sands play Iluka Resources (ASX: ILU) which spiked 5.5% to $16.35 after announcing a bumper profit for the half year to 30 June 2011 of $145.9 million, compared with a net loss after tax of $6.6 million for the previous corresponding period.
Iluka said the profit was driven higher by increased sales volumes, higher product pricing and a full-half contribution from the company's new, higher margin operations - which were commissioned in the previous corresponding period.
Not to be outdone, Woodside Petroleum (ASX: WPL) jumped 2.9% to $35.75, with Oil Search (ASX: OSH) rallying 2.8% to $6.21, while PanAust (ASX: PNA) climbed 2.5% to $3.64.
Other major miners adding more than two per cent included Paladin Energy (ASX: PDN), $2.04, OZ Minerals (ASX: OZL) $11.50, Atlas Iron (ASX: AGO) $3.72 and Alumina (ASX: AWC) $1.74.
In the green by over one per cent included New Hope Corporation (ASX: NHC) $5.19, Santos (ASX: STO) $11.53, Ivanhoe Australia (ASX: IVA) $1.80, Mount Gibson Iron (ASX: MGX) $1.53, Lynas Corporation (ASX: LYC) $1.73, Rio Tinto (ASX: RIO) $69.73, Sundance Resources (ASX: SDL) $0.47 and BHP Billiton (ASX: BHP) $38.61.
Making a small gain on the day of less than one per cent included Gloucester Coal (ASX: GCL) $9.05 and Fortescue Metals Group (ASX: FMG) $5.80.
That leaves two stocks out of the top 20 that failed to fire, with Newcrest Mining (ASX: NCM) sinking a touch over 2% to $39.56, with Macarthur Coal (ASX: MCC) easing slightly to $15.75.